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BUYER: Newport Z LLC (principal: Rajai Zumot), McLean, Va.
SELLER: CSMC 2006-C5 Mitchell Boulevard LLC
PROPERTY: 7813 Mitchell Blvd., New Port Richey
PRICE: $1.58 million
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami
PLANS, DESCRIPTION: McLean, Va.-based Zumot Real Estate Management Inc. purchased the 25,200-square-foot Trinity Commons strip center for $1.58 million.
The price equated to $62.50 per square foot.
The 7-year-old center was 35% to 38% occupied at the time of the sale.
“It doesn't need much improvement,” says Rajai Zumot, president of Zumot Real Estate Management. “It's a fairly new shopping center. It just needs proper management and an ownership willing to put some money into it. The demographics there are very good. I feel it has a good future over the next three to five years.”
His firm will self-manage the property.
Zumot says the largest contiguous space available in the center is 12,000 square feet and that leases will likely go for roughly $12 to $13 a square foot triple net.
Zumot Real Estate Management also owns strip centers in Ocala and Brooksville and the Jasmine Terrace Apartments in Tampa.
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